Post Utme Economics Questions
Question 151:
If the price elasticity of demand for a certain commodity is less than unity, then ____________
- A An increase in the price of the commodity will raise the total revenue of the producer
- B An increase in price leaves the total revenue unchanged
- C A decrease in price leaves the total revenue of the supplier unchanged
- D A decrease in price leaves the total revenue constant
Question 152:
Wheat grows best in ____________
- A Tropical climate
- B Temperature climate
- C Equatorial climate
- D Hot desert
Question 153:
A demand which is positively related to price is true of ____________
- A Normal goods
- B Giffen goods
- C Ostentatious goods
- D Capital goods
Question 154:
A major shortcoming of the sole proprietorship form of business is lack of ____________
- A Working capital
- B Patronage
- C Continuity
- D Market
Question 155:
In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of ____________
- A Lack of an effective agricultural policy
- B Employment opportunities in the oil sector
- C Rural urban drill
- D Iow prices of agricultural product